Award winning property developer Conroy Brook has been awarded major funding for its new £10 million development in the historic West Yorkshire village of Denby Dale.
The company has acquired a piece of land at Wood Nook, Denby Dale, for its next flagship development, a mixture of 29 three and four bedroom family homes.
And work on the site can now go ahead after Conroy Brook secured a £5 million plus senior debt facility from NatWest plc.
Iain Melville, Relationship Manager for Real Estate Finance at NatWest, said: “Conroy Brook have been creating dynamic housing developments across Yorkshire for a number of years and the development at Denby Dale delivers on their continued commitment to provide quality family housing.
“We were delighted to support Conroy Brook on their latest development and wish the business every success for 2019.”
In addition, a further £2 million is being provided by the Leeds City Region Revolving Investment Fund, a short term, commercial loan designed to support infrastructure and construction projects which help deliver economic growth and job creation within the Leeds City Region.
“Because we have enjoyed such success with our sites in the nearby villages of Hoylandswaine, Ingbirchworth, Upperthong and Stocksmoor, we are certain that Denby Dale will prove equally popular and we are delighted that these two key funding supporters have taken the same view,” said Conroy Brook Chief Executive Richard Conroy.
“This is a superb development in a central village location, perfectly situated for shops and all other local amenities.
“Conroy Brook is a family–owned business that has won more than 50 awards for design and construction excellence.
“For more than 20 years we have created outstanding, craftsmen-built developments of the highest quality and we are confident that Denby Dale will be a great addition to our portfolio in this part of Yorkshire,” said Richard.
“The village is a great location in an increasingly popular area due to its proximity to Sheffield, Leeds and Wakefield, thanks to the nearby M1 and M62 motorways.”
The development’s show home is expected to be ready for viewing by summer 2019 but already five properties in the first phase of the development have been reserved.
The transaction due diligence was undertaken by local advisors including Shoosmiths LLP, Squire Patton Boggs, Eversheds Sutherland, Jones Lang Lasalle and Walker Sime.